I am working on a project and confused which file format to use to store audio and video files. Can someone please provide a brief explanation of the differences between the MP3 and MP4 file formats and which one to use for storing media files?
Well, the short answer - MP4 is overall better than MP3 format.
While both MP3 and MP4 are widely used digital file formats, MP3 can handle audio streams only. MP4, on the other hand, can take care of audio-video streams.
The MP3 (MPEG-1 Audio Layer 3) format shot to popularity in the 90s with the rise of the Internet. You could burn plenty of songs on a CD but there’s a general loss in quality.
The MP4 (MPEG-4 Part 14) is used as a container to store audio, video, and even text subtitles. The audiophiles will argue that AAC-encoded MP4 audio file sounds better than a similarly sized MP3.
Which one is better? If you have a solid collection of music created at >= 256kbps, you don’t have to worry. If you are ripping your old CDs, you could use lossless ALAC MP4s.
If you are looking for detailed information on the difference between MP3 and MP4, head over to MP3 Vs MP4 - Difference Between The Two File Formats.
I hope it helps. Let me know if you have follow-up questions. 
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I’m creating an extensive content-rich online learning environment that includes both visual and audio courses. I must choose between MP3 and MP4 for the content in order to give my users the best possible learning experience. Could you please advise which one would be best for me?
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MP3 is ideal for this use case. It keeps bandwidth requirements minimal while guaranteeing crystal-clear audio quality. Reaching students in areas with slower internet access requires doing this. Even though visual components are sometimes helpful, audio content is the foundation of education, which makes MP3 a wise choice.
Whereas, education in the present era is becoming more participatory and interesting. Lessons are including more and more visual elements to aid pupils in understanding difficult subjects. With MP4, educators can effortlessly blend audio and video content into a holistic learning experience that is delivered on your platform. Rich multimedia content is becoming increasingly beneficial as global internet connectivity increases.
MP3 is a better option if you value accessibility and audio clarity. However, MP4 might be the best option if you want to offer a thorough and captivating learning experience with multimedia content, especially as the internet infrastructure keeps getting better.